Vedanta Gets Minimum Shares Required For Delisting

The delisting of Anil Agarwal - led Vedanta Ltd. has seen a change in fortune in the late evening hours of Oct. 9.

At about 3:30 p.m. the metals major looked set to receive More than the 134.12 crore shares needed for its promoter to cross the 90% threshold required for a successful delisting the company on the last day of the reverse book building process.

Reverse book building is a mechanism to determine the share price in case of delisting of a stock, wherein shareholders, who wish to participate can tender their shares by bidding a price at or above the floor price.

Agarwal said that the book-building process has created a lot of momentum and 90 percent of the process is complete. A large portion of institutions and high networth individuals have tendered their shares, he said.

Life Insurance Corporation (LIC) is likely to seek ₹320 per share from Vedanta promoters in the delisting issue of the company, sources told Business Line.

Data from stock exchange website showed that around 40 crore shares were being offered at ₹320 and there were only 2 orders offering such huge number of shares.

The confirmed quantity was around 4 crore shares and cumulative confirmed quantity stood at around 40 crore shares.